Written question WQ88331
- Asked by
- Andrew RT DaviesConservative
- To be answered by
- Minister for Finance and Local Government
- Tabled
- Due
- Answered
- Time to answer
- 8 days
Question
Further to WQ88022, will the Minister confirm what the £120 million in capital borrowing on 24 March 2023 was for?
Answer
Answered by Minister for Finance and Local Government
All borrowing supported the overall capital expenditure plans of the Welsh Government as set out in the final budget published on 1 March 2022 and amended in subsequent supplementary budgets published on 21 June 2022 and 14 February 2023.
For HMT administrative purposes, loans from the National Loan Fund must be attributed to specific projects. For this purpose only, the capital borrowed was attributed to rail capital expenditure on the core valley lines.
Interest rates on borrowing from the National Loan Fund vary daily and are fixed on the day the loan is advanced. For the three advances loaned to the Welsh Government, the interest rate and total amount of interest to be repaid is provided below. All loans are repayable over 25 years.
Year
Loan Advance
Interest Rate
Total Interest Repayable
2018-19
£65,000,000
1.40%
£12,586,161.43
2022-23
£120,000,000
3.63%
£63,749,913.47
2022-23
£30,000,000
3.82%
£16,858,488.10